Have you ever owned a barbershop or salon?

[Mitch MacDonald]

Hi All, 

My partner and I are currently looking into a small, 500 square foot building on a large lot, with an additional lot attached.  It's  in a mostly residential area in Waco Texas. It was a barber shop  for a long time but has been vacant for a while.  The barber retired.  

It is set up as such- just one room, concrete floors, etc. We think that they used to do at least decent business as it was in operation for about 15 years.  The building is in very good shape structurally.   We are thinking about converting it into a small one bedroom house but obviously this will entail some major work (maybe 10-15k).  Could be more, we just looked at it for the first time today.  

It would take significantly less work and capital to touch it up and get it ready to be operated as a barbershop or beauty salon... but I'm not a barber. 

   We are thinking either renting by the chair, or trying to reach out to a barber or hair stylist that would like to operate their own shop. Has anyone ever owned a place like this as an investment?   

Thanks in advance.

-Mitch